This course will prepare you for making strategic decisions specifically about innovation. It will give you an understanding of why firms innovate, why and how they compete on innovation, and what role innovation plays in shaping the strategic decisions of companies. You will learn how to source innovation, the types and patterns of innovation, how to compete in dynamic standards battles and how to gain dominance, how to protect innovation from imitation, and the crucial question of timing - a new product launch and market entry.
This course is part of the HEC Paris MSc in Innovation and Entrepreneurship. If you are admitted to the full program, your coursework will count towards your degree program.

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Thomas ASTEBRO

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[MUSIC] Hello, and welcome to Strategic Management of Innovation. My name is Thomas Astebro. I'm a Professor of Entrepreneurship at HEC Paris, and also a 4-time entrepreneur, and I am your instructor for this course. Over the next four weeks, you'll learn how to think strategically about innovation and new product development. More generally, the course will give you an understanding of why firms innovate, how they compete on innovation, and what role innovation has in shaping firms' other strategic decisions. This course will help you to prepare for a career in business as an entrepreneur, management consultant, decision maker for innovation projects and R&D investments, or on the executive team at a small company. This course focuses on the strategic management of innovation in both established and new firms. The conceptual framework of the course is an evolutionary perspective. Innovation both causes the creation of firms and industries and leads them to decline and become obsolete. Taking a strategic perspective on innovation means that you will care about what other businesses do and will do in the future. For example, you may try and avoid certain markets as they are too competitive, or find niches that are less occupied. You may try to race to become the first or you may wait to see what others will do first. You may try to protect your idea from being imitated or you may encourage its imitation. You will learn about all these strategic decisions, and many more in this course. In practical terms, the course is divided into four modules. These cover sources of innovation, technological evolution, increasing returns and standards, and finally, timing of entry and protecting innovation. You'll be moving back and forth between cutting-edge theoretical models and applied frameworks using specific examples that are tailored case studies of both small and large firms. In some cases we go deep into innovative projects by firms widely known for their innovativeness, such as the launch of the iPod by Apple. In other situations, you learn insights from companies which I personally work closely with. In each of these modules we will use a mix of video lessons, readings, and hands-on exercises. There is also a textbook to follow, which I recommend you get access to. It is called Strategic Management of Technological Innovation, and it is written by Melissa Schilling. Every now and then, I will ask you to take a step back and reflect on your learning journey. My goal is to make sure that you complete this course with the best understanding of what Strategic Management of Innovation entails. Ready to take off? See you very soon. [MUSIC]